No Forward March for the ECB

The European Central Bank will not be moved—not by these numbers anyway.

Euro-zone inflation fell to just 0.5% in March according to Eurostat's flash estimate released Monday, the lowest since November 2009. So-called core inflation, which excludes volatile prices for energy, food, alcohol and tobacco, came in at 0.8%, broadly in line with recent months' readings. The headline rate is far below the ECB's target of "below, but...